British Steel has today reported a Q1 profit of £21 million (EBITDA) and announced the biggest single investment in its manufacturing operations for a decade.

In its second annual trading update, Scunthorpe-based British Steel said its turnaround remains firmly on track and reported:

  • A significant long-term investment plan to support the business for years to come
  • £50 million will be invested upgrading the Scunthorpe Rod Mill
  • In addition, £40 million has been committed to other capital expenditure in FY19 to maintain and improve the existing asset base (£120 million in first three years of the business)
  • And a further £500 million of projects are being pursued
  • Annual turnover was £1.4 billion in FY18 versus £1.2 billion in FY17
  • An EBITDA of £68 million pro forma for FY18 (excludes the £47 million one-off cost of a blast furnace chill for which the company is pursuing an insurance claim)
  • Profits rose at FN Steel, the company’s first major acquisition in October 2017
  • 1,000 people have joined the business since its launch in June 2016. Employees are now receiving a staggered 4% pay rise and have been allocated a further one million company shares
  • The £50 million wire rod investment will see a new modern wire rod line open at the company’s current Scunthorpe Rod Mill.

It’s been designed by Primetals which will also oversee its installation.

Work is scheduled to start this summer and the new operation is set to be commissioned in autumn 2019.

Paul Martin, British Steel Deputy CEO, said: “This is a major investment in the future of our business, underpinning our commitment to providing customers with higher technical specifications of steel and a diverse, premium product range.

“Not only will this increase our ability to serve the domestic wire rod market, it will allow us to become a more competitive exporter and accelerate the growth of British Steel in line with our company strategy.”

British Steel Executive Chairman Roland Junck said: “With the support of our employees we’ve achieved a great deal in a short space of time and while a lot of hard work lies ahead, we’ve made significant progress towards building a sustainable future.”

More than 60,000 visitors flew through the gates at the Lincolnshire Showground this week, for one of the busiest show years to date.

Advanced ticket sales for the show, which took place on June 20 and 21 at Lincolnshire Showground, were up compared to the previous year at every stage and this theme continued on the gate with the Showground team reporting an increase in footfall.

The show, which is organised by the Lincolnshire Agricultural Society, included an aviation zone to mark the RAF100, and also saw flypast from a Dakota, Spitfire and the RAF Red Arrows.

Key entertainment highlights included a stunning parachute display from the RAF Falcons, as well as a series of flyovers and a dazzling Red Arrows display, a fantastic united retrievers dog show and the grand parade of livestock, where visitors viewed the Show’s award-winning sheep, cattle and horses in the Main Ring.

Lincolnshire Show by the numbers

  • Visitors over the two days – 60,000
  • Students attended – 6,000
  • Youngest visitor – Fabian, just 4 days old
  • Eldest visitor – Hedley Needler, 100 years old
  • Trade stands – 600
  • Money spent in the county in conjunction with visiting the
  • Lincolnshire Show (in 2017) – £3.5 million
  • Equine class entries – 1,300
  • Sheep – Over 530
  • Cows – Over 200
  • Ice creams sold – 20,832
  • Average visitor spend on food & gifts – £71
  • Veterans in attendance – 2 Bomber Command, 2 firefighters, 8 British Legion & 4 RAF Association

Jayne Southall, CEO of the Lincolnshire Showground, said: “This year’s show has been a roaring success – we’ve had beautiful weather, a great turn out and some fantastic entertainment and animal showcases and I think the food and shopping just improves year on year.”

A new Lincolnshire wildlife park will open next month, home to more than 200 wild animals ranging from zebras to camels and kangaroos.

Wolds Wildlife Park on Hemingby Lane in Horncastle will officially open to the public on July 28, with a weekend launch event to mark the occasion.

It’s owned by local scrap metal dealer Andrew Riddel.

The park also has a Bengal tiger named Sya which was offered to the park from famous circus group Chipperfields after he needed to be separated from his brother.

Tickets for the launch weekend on July 28 and 29 cost £5 each, with under 10s going free.

The park will be open from 10am to 5pm.

Find out more on CityX magazine.

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